Gold up by Rs 70, silver by Rs 50 on higher demand, global cues

NEW DELHI: Tracking a firming global trend, gold and silver today extended gains on increased buying by stockists and jewellers to meet demand ahead of the marriage season. While gold added Rs 70 to Rs 28,060 per 10 grams, silver rose by Rs 50 to Rs 52,800 per kg.

Traders said besides a firming trend in overseas markets, increased buying by stockists and jewellers to meet the coming marriage season demand mainly kept the precious metals firm.

In Singapore, gold in global markets rose by USD 4.40 to USD 1,647.40 an ounce and silver by 0.80 per cent to USD 30.21 an ounce.

At domestic market, gold of 99.9 and 99.5 per cent purity added Rs 70 each to Rs 28,060 and Rs 27,920 per 10 grams, respectively. It had gained Rs 80 yesterday. Sovereigns continued to be asked around previous level of Rs 23,300 per piece of eight grams in restricted buying.

Similarly, silver ready strengthened by Rs 50 to Rs 52,800 per kg and weekly-based delivery by Rs 25 to Rs 52,790 per kg. The metal had gained Rs 1250 in last two trading sessions.

On the other hand, silver coins met with resistance at existing higher levels and fell by Rs 1,000 to Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.